Technology is constantly evolving. You may look far and wide for the next big thing in tech. Regardless, you may struggle to find technology that aligns with your business requirements, or you remain concerned about spending big on tech that misses the mark.
It helps to understand how Chief Technology Officers spend their money. That way, you can get a good idea of how CTOs are investing their time, energy, and resources. From here, you can map out your tech investments accordingly.
A recent Bloomberg Businessweek survey of 3,038 executives highlighted how CTOs plan to invest in the months and years to come. Here are three key takeaways from the survey — and what they mean for your business.
1. Tech Spending Is Increasing.
Most respondents said they expect their tech spending to increase this year. In addition, 72% of these respondents noted they anticipate their budget will go up by 9% or more.
More tech spending means more companies are committing money to upgrade their operations. Yet, it’s how a company invests in tech that dictates its success.
Regardless of how much money you can spend on tech, find ways to use it wisely. As you build out your tech budget, focus on how you want to grow your business. From here, you can make a plan to get the most out of the money available to you.
2. Cybersecurity Is More Important Than Ever.
Cybersecurity ranked first among technology that CTOs said would be important to their business for the next five to 10 years. Furthermore, 53% indicated data security threats to their business are “higher” than they were one year earlier.
Spending big on cybersecurity offers no guarantees. On the other hand, a company that makes smart cybersecurity investments is well-equipped to protect against cyberattacks. Most importantly, the business can guard against data breaches that can otherwise damage its brand reputation and revenues.
Before you consider cybersecurity investments for your business, conduct a security audit. This allows you to assess your business’ security posture. It also gives you insights into any cyber threats your company faces and how to address them.
Following a security audit, you can take steps to enhance your company’s security posture. You can invest in cybersecurity technologies and implement them across your operations. Also, you can teach your workers how to use these technologies.
Keep your workers up to date on emerging cyber threats, too. And don’t forget to examine your security program regularly. Be proactive, and you can protect against cyberattacks now and in the future.
3. More Businesses Are Moving to the Cloud.
CTOs look poised to invest more in software from Amazon Web Services (AWS) and other cloud vendors. This shows more companies are taking their operations into the cloud.
If you want to capitalize on cloud investments, plan ahead. Then, you can move business data and workloads into the cloud without disrupting your day-to-day operations. Remember that not every workload is suitable for the cloud. Rely on an-house expertise or draw upon the market for staff to augment your capabilities as you review and plan for your enterprise landscape.
To get started, determine how you intend to use the cloud. Evaluate myriad cloud software options and choose one that aligns with your company’s needs.
Figure out the best way to manage your cloud environments as well. You can vet third-party vendors that can help you secure and maintain your cloud environments. Comparatively, you can employ IT professionals who can help you optimize your cloud investments.
How to Invest in Technology Across Your Business
You may believe your company needs the latest and greatest technologies to succeed. But, upon close examination, it may become apparent that you don’t have to spend big to integrate technology into your operations.
If you are evaluating technology investments, consider your options carefully. Examine technology that can deliver immediate and long-lasting benefits. Resist the urge to buy technology merely because it is used by industry rivals. Instead, find the right technologies for your company.
Once you find technology you want to use, gradually incorporate it into your business. Ensure your company has a plan in place to integrate technology into its operations over time. You should be able to analyze the results of your technology integration. If any hurdles arise, you should be able to address them before they get out of hand.
Finally, ensure you have staff readily available to manage your technology. IT professionals with comprehensive experience are in high demand. To attract these professionals to your business, you can partner with a best-in-class staffing agency like DVA Technology.
DVA is an IT staff augmentation firm that does it all. Our team can put you in touch with top talent to fill a variety of IT roles. Let us know what IT job vacancies you want to fill, and we can make it easy to identify and recruit quality IT professionals for them. Bear in mind that a hot market requires extra time and effort. It’s never too early to get started.
Our team is here to assist you in any way we can as you look for IT talent. To learn more about our IT staffing services, please contact us today.